Terms Used In Utah Code > Title 61 > Chapter 2f - Real Estate Licensing and Practices Act

• Adjudicative proceeding: means :
       (2)(a) an action by a board, commission, department, officer, or other administrative unit of the state that determines the legal rights, duties, privileges, immunities, or other legal interests of one or more identifiable persons, including an action to grant, deny, revoke, suspend, modify, annul, withdraw, or amend an authority, right, or license; and
       (2)(b) judicial review of an action described in Subsection (2)(a). See Utah Code 68-3-12.5
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate broker: means an individual who is:
       (1)(a) employed or engaged as an independent contractor by or on behalf of a principal broker to perform an act described in Subsection (20) for valuable consideration; and
       (1)(b) licensed under this chapter as an associate broker. See Utah Code 61-2f-102
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Branch broker: means an associate broker who manages a principal broker's branch office under the supervision of the principal broker. See Utah Code 61-2f-102
• Branch office: means a principal broker's real estate brokerage office that is not the principal broker's main office. See Utah Code 61-2f-102
• Business opportunity: means the sale, lease, or exchange of any business that includes an interest in real estate. See Utah Code 61-2f-102
• Commission: means the Real Estate Commission established under this chapter. See Utah Code 61-2f-102
• Concurrence: means the entities given a concurring role must jointly agree for action to be taken. See Utah Code 61-2f-102
• Condominium unit: means the same as that term is defined in Section 57-8-3. See Utah Code 61-2f-102
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: means an insurance corporation, except when referring to:
            (34)(a)(i) a corporation doing business:

                 (34)(a)(i)(A) as:

                      (34)(a)(i)(A)(I) an insurance producer;

                      (34)(a)(i)(A)(II) a surplus lines producer;

                      (34)(a)(i)(A)(III) a limited line producer;

                      (34)(a)(i)(A)(IV) a consultant;

                      (34)(a)(i)(A)(V) a managing general agent;

                      (34)(a)(i)(A)(VI) a reinsurance intermediary;

                      (34)(a)(i)(A)(VII) a third party administrator; or

                      (34)(a)(i)(A)(VIII) an adjuster; and

                 (34)(a)(i)(B) under:

                      (34)(a)(i)(B)(I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;

                      (34)(a)(i)(B)(II) Chapter 25, Third Party Administrators; or

                      (34)(a)(i)(B)(III) Chapter 26, Insurance Adjusters; or
            (34)(a)(ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the Insurance Department. See Utah Code 31A-1-301
• Director: means the director of the Division of Real Estate. See Utah Code 61-2f-102
• Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division: means the Division of Real Estate. See Utah Code 61-2f-102
• Dual broker: means a principal broker of a real estate sales brokerage who obtains from the division a dual broker license in order to function as the principal broker of a property management company that is a separate entity from the real estate sales brokerage. See Utah Code 61-2f-102
• Entity: means :
       (14)(a) a corporation;
       (14)(b) a partnership;
       (14)(c) a limited liability company;
       (14)(d) a company;
       (14)(e) an association;
       (14)(f) a joint venture;
       (14)(g) a business trust;
       (14)(h) a trust; or
       (14)(i) any organization similar to an entity described in Subsections (14)(a) through (h). See Utah Code 61-2f-102
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executive director: means the director of the Department of Commerce. See Utah Code 61-2f-102
• Fiduciary: A trustee, executor, or administrator.
• Foreclosure rescue: means , for compensation or with the expectation of receiving valuable consideration, to:
       (16)(a) engage, or offer to engage, in an act that:

            (16)(a)(i) the person represents will assist a borrower in preventing a foreclosure; and

            (16)(a)(ii) relates to a transaction involving the transfer of title to residential real property; or
       (16)(b) as an employee or agent of another person:

            (16)(b)(i) solicit, or offer that the other person will engage in an act described in Subsection (16)(a); or

            (16)(b)(ii) negotiate terms in relationship to an act described in Subsection (16)(a). See Utah Code 61-2f-102
• Form: means one of the following prepared for general use:
            (74)(a)(i) a policy;
            (74)(a)(ii) a certificate;
            (74)(a)(iii) an application;
            (74)(a)(iv) an outline of coverage; or
            (74)(a)(v) an endorsement. See Utah Code 31A-1-301
• Fraud: Intentional deception resulting in injury to another.
• Individual: means a natural person. See Utah Code 31A-1-301
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurance: includes :
            (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
            (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
            (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
• Land: includes :
       (18)(a) land;
       (18)(b) a tenement;
       (18)(c) a hereditament;
       (18)(d) a water right;
       (18)(e) a possessory right; and
       (18)(f) a claim. See Utah Code 68-3-12.5
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
• Loan modification assistance: means , for compensation or with the expectation of receiving valuable consideration, to:
       (17)(a) act, or offer to act, on behalf of a person to:

            (17)(a)(i) obtain a loan term of a residential mortgage loan that is different from an existing loan term including:

                 (17)(a)(i)(A) an increase or decrease in an interest rate;

                 (17)(a)(i)(B) a change to the type of interest rate;

                 (17)(a)(i)(C) an increase or decrease in the principal amount of the residential mortgage loan;

                 (17)(a)(i)(D) a change in the number of required period payments;

                 (17)(a)(i)(E) an addition of collateral;

                 (17)(a)(i)(F) a change to, or addition of, a prepayment penalty;

                 (17)(a)(i)(G) an addition of a cosigner; or

                 (17)(a)(i)(H) a change in persons obligated under the existing residential mortgage loan; or

            (17)(a)(ii) substitute a new residential mortgage loan for an existing residential mortgage loan; or
       (17)(b) as an employee or agent of another person:

            (17)(b)(i) solicit, or offer that the other person will engage in an act described in Subsection (17)(a); or

            (17)(b)(ii) negotiate terms in relationship to an act described in Subsection (17)(a). See Utah Code 61-2f-102
• Main office: means the address which a principal broker designates with the division as the principal broker's primary brokerage office. See Utah Code 61-2f-102
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Oath: includes "affirmation. See Utah Code 68-3-12.5
• Oath: A promise to tell the truth.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual or entity. See Utah Code 61-2f-102
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Policy: includes a service contract issued by:
            (150)(b)(i) a motor club under Chapter 11, Motor Clubs;
            (150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and
            (150)(b)(iii) a corporation licensed under:

                 (150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or

                 (150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Principal broker: means an individual who is licensed or required to be licensed as a principal broker under this chapter who:
       (20)(a) sells or lists for sale real estate, including real estate being sold as part of a foreclosure rescue, or a business opportunity with the expectation of receiving valuable consideration;
       (20)(b) buys, exchanges, or auctions real estate, an option on real estate, a business opportunity, or an improvement on real estate with the expectation of receiving valuable consideration;
       (20)(c) advertises, offers, attempts, or otherwise holds the individual out to be engaged in the business described in Subsection (20)(a) or (b);
       (20)(d) is employed by or on behalf of the owner of real estate or by a prospective purchaser of real estate and performs an act described in Subsection (20)(a), whether the individual's compensation is at a stated salary, a commission basis, upon a salary and commission basis, or otherwise;
       (20)(e) with the expectation of receiving valuable consideration, manages property owned by another person;
       (20)(f) advertises or otherwise holds the individual out to be engaged in property management;
       (20)(g) with the expectation of receiving valuable consideration, assists or directs in the procurement of prospects for or the negotiation of a transaction listed in Subsections (20)(a) and (e);
       (20)(h) except for a mortgage lender, title insurance producer, or an employee of a mortgage lender or title insurance producer, assists or directs in the closing of a real estate transaction with the expectation of receiving valuable consideration;
       (20)(i) engages in foreclosure rescue; or
       (20)(j) advertises, offers, attempts, or otherwise holds the person out as being engaged in foreclosure rescue. See Utah Code 61-2f-102
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
• Property management: means engaging in, with the expectation of receiving valuable consideration, the management of real estate owned by another person or advertising or otherwise claiming to be engaged in property management by:
            (21)(a)(i) advertising for, arranging, negotiating, offering, or otherwise attempting or participating in a transaction calculated to secure the rental or leasing of real estate;
            (21)(a)(ii) collecting, agreeing, offering, or otherwise attempting to collect rent for the real estate and accounting for and disbursing the money collected; or
            (21)(a)(iii) authorizing expenditures for repairs to the real estate. See Utah Code 61-2f-102
• Property management sales agent: means a sales agent who:
       (22)(a) is affiliated with a dual broker through the dual broker's property management company; and
       (22)(b) is designated by the dual broker as a property management sales agent. See Utah Code 61-2f-102
• Quorum: The number of legislators that must be present to do business.
• Real estate: includes leaseholds and business opportunities involving real property. See Utah Code 61-2f-102
• Regular salaried employee: means an individual who performs a service for wages or other remuneration, whose employer withholds federal employment taxes under a contract of hire, written or oral, express or implied. See Utah Code 61-2f-102
• Reinstatement: means restoring a license that has expired or has been suspended. See Utah Code 61-2f-102
• Renewal: means extending a license for an additional licensing period on or before the date the license expires. See Utah Code 61-2f-102
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Sales agent: means an individual who is:
       (28)(a) affiliated with a principal broker, either as an independent contractor or an employee as provided in Section 61-2f-303, to perform for valuable consideration an act described in Subsection (20); and
       (28)(b) licensed under this chapter as a sales agent. See Utah Code 61-2f-102
• Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:
       (42)(a) on the day on which the 1953 recodification of the Utah Code was enacted; or
       (42)(b)

            (42)(b)(i) after the day described in Subsection (42)(a); and

            (42)(b)(ii) before the most recent amendment to the referenced portion of the 1953 recodification of the Utah Code. See Utah Code 68-3-12.5
• Vulnerable adult: means the same as that term is defined in Section 26B-6-201. See Utah Code 61-2f-102
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Writ: means an order or precept in writing, issued in the name of:
       (47)(a) the state;
       (47)(b) a court; or
       (47)(c) a judicial officer. See Utah Code 68-3-12.5
• Writing: includes :
       (48)(a) printing;
       (48)(b) handwriting; and
       (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5